Tax Benefit for Retirees
Great news for retirees! Congress has extended the Pension Protection Act through December 2008!

Exciting legislation now allows IRA owners age 70 ½ and older to transfer cash gifts totaling up to $100,000 a year from their traditional or Roth IRA to a qualified charity like the Chandler Education Foundation without incurring income tax on the withdrawal. Retirees must now act by December 31, 2008 to take full advantage of the charitable IRA rollover.

The charitable IRA rollover is great news for retirees who want to make a charitable gift during their lifetime from their retirement assets, but have previously been discouraged from doing so because of the income tax penalty. The transferred amount is excluded from the IRA owner’s taxable income and can count toward the minimum required distribution in each year. There is not an income tax deduction for the transfer; the amount is simply not included in the IRA owner’s income. The transfer must be made directly from the IRA account to the Chandler Education Foundation and must be for an outright gift; trusts and other planned gifts do not qualify. For further information please email the Chandler Education Foundation office at ChandlerEducationFoundation@chandler.k12.az.us  or call 480-812-7631.

View these sample instruction letters to initiate your gift.

Schedule a Presentation for a Group
Representatives from the Chandler Education Foundation are available for free informational presentations for groups of retirees, clubs and organizations. Contact CEF Executive Director Glenna McCollum-Cloud at 480-812-7632 to schedule a presentation about the charitable IRA rollover.

· Have your questions answered about RMD (Required Minimum Distributions)
· Receive this tax benefit even if you do not itemize your deductions
· Build a lasting legacy in Chandler by supporting education.